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If a car is totaled after a collision, how does the responsible insurance company evaluate the payment amount for it?
While talking about a claim payment in General Insurance, it's always advisable to remember this abbreviation, DSAVE D- Depreciation S- Salvage Av- Average E- Excess So when a car is totaled, the authorised surveyor, who is appointed by the insurer, evaluates the depreciated value of the car based on the Year of purchase of the Vehicle. Hence depreciation is accounted for and adjusted first. The next step will be the assessment of the salvage. The car wreck is valued by a Salver in presence of the Surveyor and this value is adjusted too, since the Salver would pay the Vehicle owner for the wreck value. Hence this amount is deducted from the Claim. Average is not really considered for an Automobile insurance since there is no concept of Under Insurance. As far as Motor Vehicle Insurance is concerned, the vehicle value is agreed on mutual consent by both the insurer and the proposer at the time of proposal. The last deduction will be Excess. This is an agreed amount while proposition of Insurance which has to be borne by the insured for each and every claim. So Claim Payment for a Totaled car = Insured Declared value-(Depreciation+Salvage+Excess) Simple as it may seem, in real life scenarios, the evaluation and agreement of each and every section mentioned above is a complex process.
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